Quanta Services, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Electric was 81% and Underground and Infrastructure was 19% of revenue; Electric rose from 76% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 93% and Canada was 4% of revenue; United States rose from 86% in the fiscal year to Dec 2023.

Quarters: Quanta Services, Inc.'s SEC filings, named by the month they end. Fiscal years: Quanta Services, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $3.6 ends up as net income. Net margin was roughly flat over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Quanta Services, Inc.'s annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $41.8B of work Quanta Services has not yet delivered at the end of Sep 2026: 1.1 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.6× revenue, so the backlog grew.

Backlog: remaining performance obligations in Quanta Services, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Quanta Services sells to AEP, National Grid, CenterPoint Energy and 23 more; one customer it does not name accounts for 8% of its revenue; it names no suppliers.

 

PWRQuanta Services

Customers

Unnamed customer 8.0%

AEP AEP

CenterPoint Energy CNP

Comcast CMCSA

Duke Energy DUK

Entergy ETR

Exelon EXC

FirstEnergy FE

Hydro One HRNNF

National Grid NGG

NextEra Energy NEE

NiSource NI

PG&E PCG

The Southern Company SO

The Williams Companies WMB

Xcel Energy XEL

Engie IR Holdings

Iberdrola Group

Idaho Power Company

Invenergy

LUMA

Pattern Energy

Puget Sound Energy

RWE

Santos

Sempra Energy

Turner Construction Company

+19 more

Their customers

AMC Entertainment Holdings AMCfrom Comcast

T-Mobile US TMUSfrom Comcast

Show 2

Partners

LUMAOperate and modernize Puerto Rico electric infrastructure50% equity interest

Changes since the previous annual report (10-K filed Feb 20, 2025)

Hydro One HRNNFNamed for the first time, as a customer

Iberdrola GroupNamed for the first time, as a customer

Idaho Power CompanyNamed for the first time, as a customer

NiSource NINamed for the first time, as a customer

The Williams Companies WMBNamed for the first time, as a customer

Turner Construction CompanyNamed for the first time, as a customer

AAvangridNo longer named (was a customer)

BBerkshire Hathaway BRK-BNo longer named (was a customer)

CClearway RenewNo longer named (was a customer)

Enterprise Products Partners EPDNo longer named (was a customer)

TC Energy TRPNo longer named (was a customer)

VVesper Energy DevelopmentNo longer named (was a customer)

Our largest customer (unnamed)Customer, share of revenue6% → 8%

LUMANow also a customer

Only the companies Quanta Services names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 54.9x, above the peer median of 29x, so it needs earnings to keep growing to hold up.

Priced 89% above the peer median of 29x (excludes 1 unprofitable peer).

At 54.9× trailing earnings PWR is inside the middle of its five-year range; the five-year median is 51.2×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $770, 27% above the current price; 83% of 30 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 25 analysts (83%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $445.64 to $810.25 (+82%), while PWR went from $426.93 to $606.16 (+42%). In the past three months targets were raised 6 times and cut 4 times. 5 upgrades and 1 downgrade over the year; the latest: Bernstein moved it to Outperform from Market Perform on Sep 24, 2026.

The day after each of these reports the stock moved +6.4% (Dec 2025, beat); +18.1% (Mar 2026, beat); +18.9% (Jun 2026, beat); +2.3% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $5.19 a share, 64% more than the $3.16 of a year earlier, and revenue of $12.0B, up 54% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $21.64 a share, 19% more than the year before's estimate of $18.17, and revenue of $48.8B, up 18% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.2B in free cash flow over the year, of which $70M went back to shareholders (dividends plus buybacks), leaving $3.1B in the company.

Quanta Services had 153M diluted shares in the quarter ended Sep 2026, 0.8% more than a year earlier, and 1.0% more each year on average since Jun 2020. Over the last four quarters its earnings per share rose 63.6% and its net income rose 65.2%: more shares took about 2 points off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.1, short-term debt is manageable; debt-to-equity 0.7, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves PWR out (on the exchange, not in the app yet): Swiss National Bank, Norges Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Rob Bresnahan, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held PWR at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 3 cut, 1 bought new and 1 sold all. The largest of them is Norges Bank, 1.93M shares worth $1.4B at Jun 30, 2026, 0.3% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PWR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $123M of PWR on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Earl C. Austin Jr. (President and CEO; director), who sold $120M in 26 sales.

From the Form 4s filed with the SEC about Quanta Services, Inc. (42 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 46 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).